SpaceX and Tesla CEO Elon Musk bought a 9.2% stake in Twitter, becoming the largest shareholder in the company. Musk was about to be appointed to Twitter's board of directors, with his term expiring in 2024, and he was limited from owning more than 14.9% of Twitter's common stock.
According to Twitter's filing with the US Securities and Exchange Commission (SEC), Elon Musk was to serve as a Class II director. Twitter's current CEO, Parag Agrawal, congratulated Musk on his new position and said his fresh perspective could benefit the platform.
Shortly after the disclosure, Elon Musk asked his followers on his Twitter if they wanted an edit button on the social media platform. Twitter CEO Parag Agrawal responded with a retweet:
However, Elon Musk eventually decided not to join Twitter's board of directors, although he is the company's largest shareholder. Twitter CEO Parag Agrawal also announced the final news in a message to the company.